Partner Abigail Healey, Associate Grace Cullinane and Paralegal Lucia Cipolat explore golden visas in Bloomberg

Writing in Bloomberg, Partner Abigail Healey, Associate Grace Cullinane and Paralegal Lucia Cipolat examine the reputational risks of golden visas, highlighting the growing scrutiny these programs face and the importance of proactive reputation management for investors navigating residency-by-investment pathways.

Abigail, Grace and Lucia’s article was published in Bloomberg Tax and Bloomberg Law, 20 August 2025.

In an era of geopolitical flux, so-called golden visas have become a passport to stability for high-net-worth individuals.  By injecting capital into a country’s economy, wealthy foreigners can secure residency—and sometimes even citizenship—in return. As such, golden visas can be a tool of migration policy that yields real economic , not only for the country but for the individual.  For instance, as wealthy individuals seek to protect their assets, golden visa schemes may be a way for them to take advantage of more favourable tax regimes in other countries.

But these visa schemes, once viewed as quiet pathways to global mobility, are now facing sharper scrutiny.

For golden visa applicants and/or holders, proactive reputation management is no longer optional—it is essential. This includes monitoring one’s digital footprint, requesting the removal of inaccurate or outdated content, and correcting public misunderstandings where necessary.

For the media and society generally, it means recognising that these programs, when properly managed, represent legitimate pathways to global mobility—not automatic red flags.

What are Golden Visas?

Golden visas—also known as residency-by-investment programs—offer high-net-worth individuals a gateway to legal residency in exchange for a substantial financial contribution. Typically, this means investing in real estate, government bonds or approved funds. In return, recipients obtain the legal right to live, work and study in the country.

While some programs require a minimal physical presence each year, these visas are usually conditional and reversible. Importantly, they differ from a golden passport—a term which refers to a citizenship-by-investment program.  Golden passports carry full citizenship rights and are far more exclusive than their visa counterparts.

Surge in Applications

New Zealand has long been admired for its political stability and high quality of life. Now it is making an assertive push to attract foreign capital. This year, New Zealand relaxed the requirements for its Active Investor Plus visa to attract more foreign investment.

Following this relaxing of the rules, half of all applicants came from the US (Reuters, 2025).  In fact, according to & Partners, for two consecutive years, “US-Americans were the top nationality applying for alternative residence and citizenship options.” This trend is holding firm in 2025, particularly following President Donald Trump’s 2024 election win (Henley & Partners, 2025).

Interestingly, the US has recently announced “Trump Card,” seeking to capitalize on such investment opportunities.  As of June 12, registrations have opened for the Trump Card, which offers a pathway to citizenship for $5 million; however, its legality remains unclear.

Increasing Scrutiny

Golden visa programs themselves—and those businesses involved in the application process—are facing increasing scrutiny from the media and other stakeholders.

Today’s visa screening often involves examining a combination of data sources relating to the applicant, including public social media platforms; general search engine enquiries; as well as deep-dive investigations using proprietary databases.

While such scrutiny is legally permissible, it opens the door to refusals based on out of date or inaccurate information. While a negative online reputation may not be the sole or even named reason for denial, inaccurate or stale information can harm an applicant’s chances.

Before embarking on any application, applicants should consider what has been said about them online and what legal tools—most likely in the form of privacy, defamation and data protection laws—exist to address any unwanted and unwarranted content. These legal tools will of course vary from country to country.

Article 8 of the European Convention on Human Rights, for instance, protects the right to respect for private and family life. If the applicant has a reasonable expectation of privacy in the information, it may be possible to object its misuse.

Article 17 of the EU General Data Protection Regulation provides a right to have personal data erased which is inaccurate, no longer relevant or excessive – the “right to be forgotten” or “right to erasure.”

If content is false, it may also be defamatory, in which case it may be possible to require the deletion or correction of the content.

While laws relating to defamation, privacy and data protection vary by country, it may be possible to seek the removal of the content from the source website, or to approach search engines to have the relevant webpage delisted from its search results.

Depending on the nature of the publication, redress may lie against some or all of the author, website (if different to author), webmaster, internet service provider and/or search engine operator.

Understanding what action can be taken against who is key, as is understanding the territorial reach of any relief. For instance, while a “right to be forgotten” request could be made of a search engine to delist certain content, it would only apply in the EU, which could prove futile if the visa authority is on the other side of the world.

Mutual Benefits

Most reputable visa programs implement stringent application processes and robust compliance frameworks that protect both the host country and the investor. Properly managed golden visas serve as strategic instruments for international cooperation and economic development.

They offer tangible advantages to both parties. Investors gain residence rights, access to high-quality healthcare and education, enhanced business and investment opportunities, and improved global mobility.

In return, host countries benefit from economic growth through foreign direct investment, which can be channelled into infrastructure, public services, and innovation.

Criticism should be based on evidence of misuse, not driven by generalisations or political optics. When transparency, rule of law, and integrity are at the forefront, golden visa programs can represent a rare win-win in global migration policy.

Ultimately, a balanced, evidence-based approach is the best way to ensure that golden visas continue to function as they were designed, as a personal, legal and globally accepted choice for international investors.